PM Modi Announces Next-Gen GST Reforms to Reduce Tax Burden

Prime Minister Modi announced GST 2.0, set for Diwali, featuring simplified taxes with two main slabs 5% and 18% and a higher rate for select goods. MSMEs are expected to benefit from easier compliance and better cash flow. Draft changes await GST Council approval, with possible price cuts if 12% goods move to 5%. The reform aims to spur festive demand while safeguarding revenues.